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Previous: MUNICIPAL SECURITIES INCOME TRUST, 485BPOS, 1999-08-25 |
Next: MERRILL LYNCH HIGH INCOME MUNICIPAL BOND FUND INC, SC 13E4, 1999-08-25 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported): August 13, 1999
NEUROMEDICAL SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-26984 13-3526980
(State or other (Commission File No.) (I.R.S. Employer
jurisdiction Identification No.)
of incorporation)
10 Mountain View Road, Suite C-100
Upper Saddle River, NJ 07458-1933
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (201) 934-0660
<PAGE>
ITEM 5. Other Events.
- ----------------------
Neuromedical Systems, Inc. (the "Company") hereby files under Form 8-K
portions of the Company's monthly operating report for July of 1999 as filed on
August 13, 1999 with the United States Trustee's Office and the U.S. Bankruptcy
Court for the District of Delaware (the "Bankruptcy Court" and such report, the
"Monthly Report"). Attachments to the Monthly Report as filed with the
Bankruptcy Court may be obtained upon request to the Company at the address set
forth on the cover page to this Form 8-K or through the Bankruptcy Court at 824
North Market Street, Wilmington, DE 19801.
On March 30, 1999, counsel for the Company, submitted a letter to the
Securities and Exchange Commission (the "SEC") requesting that the SEC staff
confirm that it would not recommend any SEC enforcement against the Company if,
in lieu of the Company's periodic reports required under the Securities Exchange
Act of 1934, the Company filed with the SEC under Form 8-K copies of its Monthly
Reports within fifteen calendar days following the submission of such Monthly
Reports to the Bankruptcy Court.
<PAGE>
Acc Balance Sheet
ACCRUAL BASIS-2
COMPARATIVE BALANCE SHEET
THIRD QUARTER
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
ASSETS MONTH MONTH MONTH
---------------------------------------------------------
JULY AUGUST SEPTEMBER
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1 CASH 3,607,473
2 ACCOUNTS RECEIVABLE, NET 185,049
3 INVENTORY
4 NOTES RECEIVABLE
5 PREPAID EXPENSES 714,316 - -
6 OTHER (ATTACH LIST) 7,000,000 - -
7 TOTAL CURRENT ASSETS 11,506,838 - -
8 PROPERTY, PLANT & EQUIPMENT 19,047,177
9 LESS: ACCUMULATED DEPRECIATION/DEPLETION (18,757,733)
10 NET PROPERTY, PLANT & EQUIPMENT 289,444
11 DUE FROM AFFILIATES & INSIDERS 74,566 - -
12 INTANGIBLES (270,700)
13 OTHER (ATTACH LIST) 53,635 - -
14 TOTAL ASSETS 11,653,783 - -
POST PETITION LIABILITIES
15 ACCOUNTS PAYABLE 57,764
16 TAXES PAYABLE
17 NOTES PAYABLE
18 PROFESSIONAL FEES 415,852
19 SECURED DEBT
20 DUE TO AFFILIATES & INSIDERS 11,104
21 OTHER (ATTACH LIST)
22 TOTAL POSTPETITION LIABILITIES 484,720 - -
PREPETITION LIABILITIES
23 SECURED DEBT 2,926,239
24 PRIORITY DEBT
25 UNSECURED DEBT
26 OTHER (ATTACH LIST) 2,866,301 - -
27 TOTAL PREPETITION LIABILITIES 5,792,540 - -
28 TOTAL LIABILITIES 6,277,260 - -
EQUITY
29 OWNERS' PREPETITION EQUITY (86,028)
30 POSTPETITION CUMULATIVE PROFIT OR (LOSS) 5,462,551 - -
31 TOTAL EQUITY (DEFICIT) 5,376,523 - -
32 TOTAL LIABILITIES & OWNERS' EQUITY 11,653,783 - -
</TABLE>
Page 1
<PAGE>
Balance Sheet Dtl
ACCRUAL BASIS-2
COMPARATIVE BALANCE SHEET -DETAIL SCHEDULES
3RD QUARTER 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
MONTH MONTH MONTH
----------------------------------------------------
JULY AUGUST SEPTEMBER
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
LINE 5 PREPAIDS:
A/R EXCHANGE - REVIEW STATIONS
PREPAID EXPENSES 637,542
PREPAID INSURANCE 56,460
EMPLOYEE RECEIVABLES 3,906
INTEREST RECEIVABLE - OTHER
SECURITY DEPOSITS SHORT TERM 16,408
TOTAL PREPAIDS 714,316 - -
LINE 6 OTHER
INVESTMENTS HELD FOR SALE 7,000,000
LINE 11 DUE FROM AFFILIATES AND INSIDERS:
ISRAEL 13,695,196
NETHERLANDS 1,983,006
EUROPE 4,766,149
ACE
HONGKONG
AUSTRALIA
ASIA PACIFIC
OVERSEAS HOLDING 50,000
OVERSEAS GROUP 50,000
RESERVE FOR UNCOLLECTIBLE INTERCOMPANY OBLIGATIONS (20,514,353)
PAUL SOHMER 44,568
DUE FROM AFFILIATES AND INSIDERS 74,566 - -
LINE 13 OTHER:
SECURITY DEPOSITS LONG TERM 53,635
TOTAL OTHER 53,635 - -
LINE 26 OTHER:
ACCOUNTS PAYABLE 923,082
NOTE PAYABLE - BIRD FOUNDATION 120,096
INTERCOMPANY A/P - HONGKONG
ACCRUED COMPENSATION 645,100
ACCRUED VACATION 129,923
ACCRUED ADVERTISING
ACCRUED AUDIT 32,960
ACCRUED CONSULTING 76,500
ACCRUED INTEREST 47,133
ACCRUED LEGAL 88,064
ACCRUED MISCELLANEOUS 101,256
ACCRUED OTHER 39,185
ACCRUED TAXES 54,737
ACCRUED RESTRUCTURING 608,265
ACCRUED PAYROLL TAXES
ACCRUED PENSION PLAN PAYABLE
ACCRUED SALES TAX PAYABLE - - -
TOTAL OTHER 2,866,301 - -
LINE 30 POSTPETITION CUMULATIVE PROFIT OR LOSS
CUMULATIVE RESULTS OF OPERATION 7,912,551
UNREALIZED GAIN (LOSS) ON INVESTMENTS HELD FOR SALE (2,450,000)
TOTAL 5,462,551 - -
</TABLE>
Page 1
<PAGE>
Acc Income Stmt
ACCRUAL BASIS-3
INCOME STATEMENT
THIRD QUARTER
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
REVENUES MONTH MONTH MONTH
----------------------------------------------------
JULY AUGUST SEPTEMBER
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1 GROSS REVENUES 46,640
2 LESS: RETURNS & DISCOUNTS
3 NET REVENUE 46,640 - -
COST OF GOODS SOLD
4 BEGINNING INVENTORY -
5 ADD: PURCHASES
6 LESS: ENDING INVENTORY - -
7 COST OF GOODS SOLD - - -
8 GROSS PROFIT 46,640 - -
OPERATING EXPENSES
9 OFFICER/INSIDER COMPENSATION 131,482
10 DIRECT LABOR/SALARIES 36,901
11 PAYROLL TAXES 5,018
12 RENT & LEASE EXPENSE 15,933
13 INSURANCE 36,013
14 DEPRECIATION/DEPLETION/AMORTIZATION
15 GENERAL & ADMINISTRATIVE 1,000
16 OTHER (ATTACH LIST) 25,945
17 TOTAL OPERATING EXPENSES 252,292 - -
18 OPERATING INCOME (205,652) - -
OTHER INCOME & EXPENSES
19 OTHER INCOME (ATTACH LIST) 12,220 - -
20 OTHER EXPENSES (ATTACH LIST)
21 INTEREST EXPENSE (42,468)
22 OTHER (ATTACH LIST)
23 NET OTHER INCOME & EXPENSES (30,248) - -
REORGANIZATION EXPENSES
24 PROFESSIONAL FESS 415,852
25 U.S. TRUSTEE FEES
26 OTHER (ATTACH LIST)
27 TOTAL REORGANIZATION EXPENSES 415,852 - -
28 INCOME TAX
29 NET PROFIT (LOSS) (651,752) - -
</TABLE>
Page 1
<PAGE>
Income Stmt Dtl
ACCRUAL BASIS-3
INCOME STATEMENT
3RD QUARTER 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
MONTH MONTH MONTH
---------------------------------------------------
JULY AUGUST SEPTEMBER
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
LINE 16 OTHER EXPENSES:
LIFE AND HEALTH INSURANCE
TRAVEL AND ENTERTAINMENT 3,373
DUES AND SUBSCRIPTIONS
RELOCATION COSTS
REPAIRS AND MAINTENANCE
FREIGHT AND DELIVERIES 2,168
COMPUTER EXPENSES 670
EQUIPMENT LEASING 2,187
AUTO EXPENSES
PAYROLL FEES 5,292
CLINICAL TRIALS
CONSULTANTS
CONTRACTED SERVICES 875
LEGAL- REFUND FROM INSURANCE CO.
SUPPLIES 1,476
TELEPHONE AND COMMUNICATIONS 10,515
TAXES AND FEES (611)
ASSET WRITE DOWN
OTHER LEGAL
ROYALTIES
TOTAL OTHER EXPENSE 25,945 - -
LINE 19 OTHER INCOME:
INTERCOMPANY
INTEREST ON LOAN TO OFFICER
INTEREST - BANKS 12,220
TOTAL OTHER INCOME 12,220 - -
LINE 22 OTHER :
PENALTY FOR EARLY EXTINGUISHMENT
OF DEBT
TOTAL OTHER - - -
</TABLE>
Page 1
<PAGE>
Cash Summary
Debtor: Neuromedical Systems, Inc.
ACCRUAL BASIS-4
<TABLE>
<CAPTION>
SUMMARY OF BANK ACCOUNTS:
- ---------------------------------------------------------------------------------------------------
MONTH MONTH MONTH
-----------------------------------------------
JULY AUGUST SEPTEMBER
-------------------------------------------------------------------------------------
<S> <C> <C> <C>
Checking 96,979
Money Market 3,481,839
Payroll 16,913
Morgan Stanley Dean Witter 8,527
Merrill Lynch 561
Certificates of Deposit 61
Citifunds 2,593
Investment -
TOTAL 3,607,473 - -
- ---------------------------------------------------------------------------------------------------
</TABLE>
Page 1
<PAGE>
Cash Stmt Detail
Debtor: Neuromedical Systems, Inc.
CASH BASIS - 2
Case No.: 99-703 (PJW)
THIRD QUARTER
<TABLE>
<CAPTION>
_____________________________________________________________________________________________________________
CASH RECEIPTS AND DISBURSEMENTS MONTH MONTH MONTH
-----------------------------------------------
JULY AUGUST SEPTEMBER
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1 CASH - BEGINNING OF MONTH 4,046,151
RECEIPTS
2 CASH SALES
3 ACCOUNTS RECEIVABLE COLLECTIONS 97,451
4 LOANS & ADVANCES
5 SALE OF ASSETS
6 LEASE & RENTAL INCOME
7 WAGES
8 OTHER (ATTACH LIST) 109,598 - -
9 TOTAL RECEIPTS 207,049 - -
DISBURSEMENTS
10 NET PAYROLL 67,522
11 PAYROLL TAXES PAID 125,154
12 SALES, USE & OTHER TAXES PAID
13 INVENTORY PURCHASES
14 MORTGAGE PAYMENTS
15 OTHER SECURED NOTE PAYMENTS 35,522
16 RENTAL & LEASE PAYMENTS 402
17 UTILITIES 24,213
18 INSURANCE 74,720
19 VEHICLE EXPENSES
20 TRAVEL 3,000
21 ENTERTAINMENT
22 REPAIRS & MAINTENANCE
23 SUPPLIES
24 ADVERTISING
25 HOUSEHOLD EXPENSES
26 CHARITABLE CONTRIBUTIONS
27 GIFTS
28 OTHER (ATTACH LIST) 307,415
29 TOTAL 637,947 - -
REORGANIZATION EXPENSES
30 PROFESSIONAL FEES 2,779
31 U.S. TRUSTEE FEES 5,000
32 OTHER (ATTACH LIST)
33 TOTAL 7,779 - -
34 TOTAL DISBURSEMENTS 645,727 - -
35 NET CASH FLOW (438,678) - -
36 CASH - END OF MONTH 3,607,473 - -
</TABLE>
Page 1
<PAGE>
Cash Stmt Detail
<TABLE>
_____________________________________________________________________________________________________________________
CASH RECEIPTS - OTHER JULY AUGUST SEPTEMBER
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COBRA 15,413
TRAVEL
INSURANCE 5,400
NET SETTLEMENT WITH TBCC
REFUND POSTAGE 138
BANK INTEREST 87,758
TAX REFUND 889
TOTAL OTHER CASH RECEIPTS 109,598 - -
CASH DISBURSEMENTS - OTHER JULY AUGUST SEPTEMBER
401 K
CLINICAL TRIAL 49,209
CORPORATE SERVICES 1,000
MISCELLANEOUS
OFFICE 2,925
PAYROLL SERVICES 332
SHIPPING 1,450
BANK FEE 2,500
SETTLEMENT SALE 250,000
FILING FEES/LEGAL
TOTAL OTHER CASH DISBURSEMENTS 307,415 - -
</TABLE>
Page 1
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized in Upper Saddle River, New Jersey on this
25th day of August, 1999.
NEUROMEDICAL SYSTEMS, INC.
By: /s/ Paul R. Sohmer, M.D.
-----------------------------
Paul R. Sohmer, M.D.
President
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